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Futures Industry Association EGUS Phase 2 Briefing20 June 2007
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Contents
EGUS Stats
EGUS Phase 1 Enhancements
Phase 2 Review
EGUS Milestones and Timeline
EGUS Advisory Board
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EGUS Agreement Growth – Cumulative
Cumulative Feb March April May
EGUS-Generated 95 323 692 1257
User Uploaded 345 1057 1376 1455
Mass Uploaded 0 10381 10381 10381
Total 440 11761 12449 13093
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EGUS Agreement Growth – New
New Feb March April May
EGUS-Generated 95 228 369 565
User Uploaded 345 712 319 79
Mass Uploaded 0 10381 0 0
Total 440 11321 688 644
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EGUS Agreement Growth
New EGUS Generated Agreements
95
228
369
565
0
100
200
300
400
500
600
Feb March April May
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Days to Executed Agreement
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Agreement and Rate Feed Agreement Summary
– Production or Test – New or Change– Agreement ID, EGUS Group ID, Prior Agreement IDs – Customer Reference ID and Agreement Type– Dates: Creation, Approved, Last Modified, Effective, Termination– Bill Who (CB, Customer, Trader)– Profit Center
Agreement Brokers: Executing Broker and Clearing Broker Agreement Clearing Accounts: Effective & Expiration Dates Agreement Executing Accounts: Effective & Expiration Dates Rate Schedule
– Exchange, Product Group or Product Code– Rank, Trade Type, Spread Type– Rate Type (%, Flat, Rate, Volume Discount)– Tier Start, Period– Future or Option or Both– Rates: Client-Electronic, Client-Voice, Desk-Electronic, Desk-Voice– Rate Currency– Payment Method – “Direct”
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Phase 1 Enhancements
Ability to upload large list of clearing account numbers.
Ability to turn on/off agreement fully executed alert.
Allow all parties to approve “before non-conformed" parties to
enable sending PDF approved by all conformed parties to non-
conformed party).
Ability to switch between acting as customer/trader party and
broker party without two user ID or logging in/out.
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Agreement and Rate Feeds
Permission to retrieve your own party information– If institution has multiple parties must retrieve each party separately
Must permission GPS, GAINS, eGAINS to retrieve your feed
Agreement Accounts with Effective & Expiration Dates– Some systems cannot handle dates.
Accounts expired change immediately (assumes all changes done in arrears).
Feed relies on Reference Feeds to Uniquely ID– EGUS Party code – XB and CB– Exchanges– Product Group and their Product Codes for each Exchange
No Billing Addresses. Assume already in downstream systems.
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Reference Feeds
Each vendor / system responsible for mapping EGUS codes to their matching item.
Initial mapping critical task done once Each feed time-stamped so only need to map additions on periodic
basis (daily, weekly) – still manual task
EGUS Party code– Uniquely identifies each EGUS broker (XB and CB)
Exchanges– Uniquely identifies each Exchange
Product Group and their Products for each Exchange– Uniquely identifies each Exchange’s Product Group – Uniquely identifies each Product in the Product Group
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Tools – Maintain Rate Schedule
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Tools – Maintain Rate Schedule - Tiers
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Tools – Maintain Rate Schedule - Review
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Tools – Maintain Rate Schedule Prepare Rates Schedules at any time (even in advance) Requires separate permission to maintain rate schedules Rate Schedule COPIED to Agreement (not linked) Not all features of all systems supported – User Beware! Trade Type
– B = EFP Block Trade– E = Exchange for Physical– N = Exchange for Risk– T = Exchange for Swap– Or blank
Spread Type– S = Spread– 6 = Pit Spread– Or blank
Indicate “Direct” Bill for an exchange– Used when “Bill to CB” selected and you want to bill directly and not use
GPS, GAINS or eGains.
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Agreements – Accounts & Rates
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Agreements – Accounts & Rates
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Agreements – Accounts & Rates
Critical screen for agreement and rate feed– Proper, quality entry of accounts
Copy Rate Schedule from another agreement Copy Rate Schedule from template in Rate Schedule Library Upload a PDF – BEWARE!
– Does not feed downstream systems– Manually enter agreement (old fashion way) in downstream
systems Link Executing Accounts to Clearing Accounts for GPS, if
needed
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*** Procedural Considerations ***
Today1. Processors customize agreement language2. Processors attach Rate Schedules3. Account Numbers entered by Processors are sometimes not final4. Rate Schedules ENTERED into billing systems after agreement executed
Tomorrow: To feed systems requires accurate rate schedules & accts1. Processors customize agreement language 2. Processors attach Rate Schedules
– NEW! Rate Schedules maintained by ???????– NEW! Rate Schedules maintained in EGUS – NEW role “Mnt Rate Schedule”
3. Accounts Numbers entered before Final Approver would be nice as account numbers feed to downstream system every time they change
4. Rate Schedules FEED to billing systems after agreement executed
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EGUS Phase 2 Milestones - Completed
12 January 2007 Phase 2 Vendor Meeting
14 March 2007 Phase 2 Vendor Working Meeting
2 March 2007 Phase 2 Spec #1 - Distributed for Review
20 March 2007 Phase 1 and Phase 2 Review - London
March 2007 Phase 2 spec review and comments
11 April 2007 Phase 1 and Phase 2 Review - NY
13 April 2007 Phase 1 and Phase 2 Review - Chicago
23 April 2007 Phase 2 Spec #2 - Distributed for Review
May 2007 Phase 2 spec review and comments
22 May 2007 Phase 2 Spec Final - Distributed for Review
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EGUS Phase 2 Milestones - Schedule
June 2007 Technical Development EGUS 2.0 begins
6 June 2007 Phase 2 – Ops and Billing change session - London
12 June 2007 Phase 2 – Ops and Billing change session - Chicago
20 June 2007 Phase 2 – Ops and Billing change session - NY
August 2007 XML Rate & Agreement Feed (QA only)
August 2007 Maintain Rate Schedule Screens (QA only)
September 2007 Distribute Reference Data for Mapping
October 2007 Phase 2 System Testing
November 2007 Phase 2 User Acceptance Testing
November 2007 Phase 2 External System Test #1, #2, etc
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EGUS Advisory Board Banc of America—Mike DiBenedetto Barclays—Peter Fenner Bear Stearns—Barbara Russo Calyon—Angelique Murphy Citigroup—Anna Mancilla Credit Suisse—Tom Lehrkinder Deutsche Bank –Peter Carson Fimat—Kevin Zwart Fortis—Mike Nowak Goldman Sachs—Irene Galvin JPMorgan—Conor Sherrard Lehman—Ron Filler Man Financial—Kim Gondra Merrill Lynch—Wendell Kapustiak, Chairman Morgan Stanley—Michael Stein Prudential Bache Commodities—Joe DeJohn RBS Greenwich Futures—Gloria Wadsworth UBS—Sarah Viner JWH—Nathan Roberts Tudor—Andy Flynn
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ContactsDavid MayMarkit+1 (312) [email protected]
FIA+1 (202) 466-5460
Mary Ann [email protected]
Krystal [email protected]
David [email protected]
